Trump greenlights Nippon Steel 'partnership' with US Steel

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Trump greenlights Nippon Steel 'partnership' with US Steel - Channel News Asia

Quick Summary:

WASHINGTON: US President Donald Trump on Friday (May 23) threw his support behind a new "partnership" between US Steel and Japan's Nippon Steel, sending the American firm's share price skyrocketing on hopes of an end to the long-running saga over foreign ownership of a key national asset.

"US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," the US president said in his social media post.

While the details of the deal remained unclear, the Pennsylvania-headquartered firm's share price popped after Trump took to Truth Social to hail the new arrangement, closing up more than 21 per cent and then rising further in after-hours trading.